BERMUDA

SUPREME COURT

INTERIM INJUNCTION TO PREVENT PRESENTATION OF PETITION – ABILITY TO SET ASIDE INTERIM INJUNCTION – CROSS CLAIM BY COMPANY EQUIVALENT TO PETITIONER’S DEBT

This case concerned an application by Credit Suisse to set aside an interim injunction which restrained it from presenting a petition to wind up Argenco. The Court noted that following the grant of the injunction there had been two material changes: (1) Argenco had conceded that the existence of the debt upon which the Statutory Demand was based was not disputed; and (2) Argenco was no longer in a position to assert that it was solvent on a balance sheet basis.

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